Since the third quarter of 1990, the growth of M2 in the United States has been weaker than econometric models predicted. John V. Duca assesses whether this shortfall in M2 growth is associated with inflows into bond and equity mutual funds or the thrift resolution process. ; Duca finds that...

John Duca assesses the possibility that adding bond mutual funds, equity mutual funds, or both to M2 would improve this monetary aggregate's ability to forecast nominal GDP growth. He finds that M2B (M2 plus bond funds) and M2+ (M2 plus bond and stock funds) are statistically significant in...

One explanation for the unusually slow growth of M2 is that people shifted from bank deposits to higher yielding bond mutual funds. This possibility raises the question of whether the addition of bond funds to M2 would give policymakers a more accurate view of what is happening in the economy....

Mit dem Übergang zu einer gemeinsamen Währung in Europa stellt sich die Frage, ob die Europäische Zentralbank eine Politik der Geldmengensteuerung betreiben kann. Dies erfordert die Existenz einer stabilen Geldnachfragefunktion na¤ch dem Übergang zu einer Europäischen Währungsunion. In...